Stock News 2012: Philex to build new schools

Philex Mining Corp. and subsidiary Silangan Mindanao Mining Company, Inc. (SMMCI) have entered into an agreement with the Armed Forces of the Philippines’ 52nd Engineering Brigade to address the classroom shortage in the province of Surigao del Norte.

In a statement yesterday, Philex said the agreement signed by the parties stems from another agreement signed by Philex with the AFP’s peace and development arm, the National Development Support Command, late last year.

Under the agreement, classrooms in the town of Placer in the province would be repaired and constructed by the two parties.

Philex said the works should be completed before the opening of classes in June.

Projects in the pipeline include the repairs of six classrooms in Barangay Anislagan, the construction of a two-classroom building in Barangay Boyongan and repair of five classrooms in Barangay Macalaya.

“Education provides the opportunity for our children in Surigao del Norte to follow their dreams and rise above poverty. It is our responsibility to ensure that happens, and we start by addressing the basic problem of classroom shortage,” Philex Mining President and chief operations officer Eulalio B. Austin said.

Philex is developing the 5,184-hectare Silangan project in Surigao del Norte.

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